Fitness startup Peloton sues Echelon for patent infringement

Oct 8 (Reuters) - Peloton Interactive Inc filed a lawsuit against Echelon Fitness LLC on Tuesday, alleging that it infringed the fitness startup’s patents and sold “cheap, copycat” products.

The company also alleged that Echelon had issued false advertisements to mislead customers about the price of products from both the companies and made “deceptive” comparisons between them.

Echelon could not be immediately reached for comment.

“Echelon has unfairly stolen customers from Peloton and attracted funding from investors that has reportedly brought Echelon’s total valuation to over $100 million,” Peloton said in the lawsuit, which was filed in federal court in Delaware.

Founded in 2012, Peloton sells indoor exercise bicycles and offers packages requiring memberships to access live and on-demand classes from home.

Shares of Peloton, which were listed on the Nasdaq in late September, have lost 20% from its IPO price of $29. (Reporting by Munsif Vengattil in Bengaluru; Editing by Anil D’Silva)